Exxon Mobil, Pioneer Rumors Spark Fracking M&A Talk

  • Exxon Mobil is reportedly in preliminary discussions to acquire Pioneer Natural Resources as part of the company’s Permian Basin strategy, analysts say.
  • Based in Irving, Texas, Pioneer is a hydrocarbon exploration company with a market capitalization of around $52 billion and is the third-largest oil producer behind Chevron Corp and ConocoPhillips in the basin, according to Refinitiv data.
  • Quincy Krosby, chief global strategist for LPL Financial, told FOX Business in an interview, “The potential deal suggests that Exxon sees value in the Permian Basin, the largest in the U.S., given Pioneer’s dominant position.”